Tecumseh Products Company, a leading global manufacturer of compressors and related products, in conjunction with Mueller Industries, Inc. and Atlas Holdings LLC has announced that it has entered into a definitive merger agreement under which an affiliate of Mueller Industries and Atlas Holdings will acquire Tecumseh in a transaction valued at approximately $123 million, including the assumption of net debt. The offer price of $5.00 per share in cash reflects a 155% premium based on Tecumseh's closing price of $1.96 per share on August 4, 2015.

The proposed transaction would bring together Tecumseh, an iconic brand with a global footprint and market-leading positions, with new owners, Mueller Industries and Atlas Holdings, who will contribute market and operational expertise, as well as capital.

"We look forward to working with Mueller Industries and Atlas Holdings to help us achieve continued growth as we provide our customers with innovative, best-in-class products and outstanding service and support," stated Harold Karp, President and Chief Executive Officer of Tecumseh.

Transaction Overview: Under the terms of the merger agreement, an affiliate of Mueller Industries and Atlas Holdings will commence a tender offer for all the outstanding common stock shares of Tecumseh for $5.00 per share in cash, a 155% premium based on Tecumseh's closing price of $1.96 per share on August 4, 2015. Tecumseh's Board of Directors has unanimously approved the merger agreement.

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